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TJ KB AWSJ: Berjuta-juta Rugi Beli Time dotCom
By Chris Prystay
17/3/2001 1:20 pm Sat
DANA AWAM RUGI 402 JUTA ATAS KERTAS
IPO Time dotCom tidak terlanggan sebanyak 75% dan sahamnya menjunam 26%
pada hari pertama tersenarai. Pada hari khamis, ia ditutup pada harga
RM 2.17, iaitu 34% di bawah paras tawaran asal (RM 3.30). Ini menyebabkan
banyak pihak yang terlalu 'pandai' rugi berjuta-juta dalam beberapa
KWAP RUGI 310 JUTA
Kumpulan Wang Amanah Pencen (KWAP) menjadi sub-underwriter untuk memperolehi
273.9 juta saham Time dotCom shares, atau 10.8% ekuitinya pada kadar
IPO RM 3.30 se saham.
Kejatuhan harga saham Time dotCom mengakibatkan
pelaburan KWAP sebanyak RM 904 juta bernilai RM 594 sahaja pada hari Khamis
- satu kerugian atas kertas kira-kira RM 310 juta.
EPF RUGI 92 JUTA
Pada hari Khamis juga, KWSP atau EPF (Employees Provident Fund) mengumumkan
ia memilikki 81.6 juta saham Time dotCom atau 3.22% pegangan melalui
pembelian langsung dan penukaran hutang kepada saham pada kadar harga IPO.
Bila bursa di tutup pada Khamis, pelaburan EPF
sebanyak 269.3 juta bernilai RM 177.1 juta sahaja atau RM92 juta rugi
di atas kertas.
Jadi dua dana ini rugi RM 310 + RM92 = RM 402 juta dalam seminggu sahaja
di atas kertas!.
Mereka melabur RM 904 + RM 269.3 = RM 1,173 juta kesemuanya.
Sekarang sudah bernilai = RM 1,173 - RM 402= RM 771 juta sahaja.
Pengurusan Danaharta Nasional Bhd pula mengatakan ia juga menjadi
sub underwriter dan memilikki 80 juta saham Time dotCom, atau 3.16% dari
ekuitinya. Danaharta memberitahu ia tidak membayar tunai untuk pegangan
itu kerana ia menukar hutang oleh Time Engineering kepada saham Time
dotCom pada kadar RM 3.30 sesaham.
Kini Kerajaan Malaysian, melalui 3 agensi dan sayap
pelaburan Khazanah Nasional, memilikki 47.18% saham Time dotCom. Jumlah
pegangan ini sudah melebihi paras 'mandatory general offer' (33%).
"Danaharta adalah satu-satunya peminjam terbesar
institusi perbankan, kerana ia mengeluarkan bon untuk membeli hutang lapuk
pada tahun 1998-2000." kata seorang analis bank. "Kita akan menghadapi
masalah kredit yang menunggu untuk MELETUP bila bon-bon tersebut matang
pada tahun 2003".
SIAPA BAPAK TIME DOTCOM
Time Engineering adalah 'bapak' Time dotCom. Ia dimilikki
46% oleh Renong yang menyebabkannya berhutang RM4.5 bilion.
Halim Saad menguasai Renong yang intim dengan pemimpin
atasan Umno kerana ada bahagian mereka. Sebab itulah ia asyik
mendapat projek mega dan ditolong bila sakit dan berhutang
Yang peliknya pembuat hutang ini tidakpun diapa-apakan.
Analis berpendapat masalah takkan kemana selagi mereka yang
tidak cekap dibiarkan mengurus syarikat. Ia akan mengunang
lebih banyak bencana. Patutlah pelabur yang cerdik tidak
meminati saham Time dotCom.
EPF sengaja mendiamkan diri tetapi terpaksa bercakap juga bila ramai
tertanya-tanya apa sudah jadi. Ia menjelaskan ia cuma menukar hutang
Time Engineering menjadi ekuiti Time dotCom. Tetapi lebih kurang sahaja
maknanya - kerana wang tadi sudah memiliki benda yang semakin tidak berguna.
EPF dan KWAP kini menjadi adik-beradik Danaharta juga sedangkan itu
bukan peranan yang sepatutnya dimainkan mereka. Ada banyak lagi
pelaburan yang lebih mantap, dan lebih berguna mengapa ia begitu
melekat kepada koporat pro Umno? Lebih baik ditubuhkan satu tabung
EPF2/KWAP2 yang bebas dari cengkaman sesiapa - nanti kita boleh menilai
siapa yang betul-betul menjaga wang warga tua dan siapa yang memijak
kepala mereka. Saya percaya orang Umno sendiri akan mengeluarkan wang
mereka di dalam EPF/KWAP dan memasukkannya kedalam EPF2/KWAP2!
Mahathir dan kroni mungkin boleh seronok dan bergembira. Tetapi jangan
lekas ketawa. Kebanyakkan penyimpan tabung EPF/KWAP itu rakyat yang mengundi
juga. Jika dividen teruk angkanya, dia dan Umno mungkin akan rabah dan jatuh
lebih awal sebelum pilihanraya. Dan nilai saham time dotCom menjadi nyawa pengukur
panjang pendek hidup Mahathir juga.....
Malaysian Funds Buy Costly Stake In Time DotCom
By CRIS PRYSTAY Staff Reporter
KUALA LUMPUR -- Two state-run pension funds and Malaysia's national
debt-restructuring agency have acquired a combined 17.2% equity stake
in Time dotCom Bhd., after the company's 1.89 billion ringgit ($497.4
million) initial public offering failed to attract private investors.
The government entities' intervention to prop up the IPO effectively
shifts part of the cost of rescuing Time dotCom's debt-laden ultimate
holding company -- politically connected Renong Bhd. -- from the
underwriters of the disastrous IPO to the Malaysian public. The two
pension funds have incurred, on paper, a combined loss of about 400
million ringgit in Time dotCom's first four days of trading on the
Kuala Lumpur Stock Exchange.
Time dotCom's IPO was 75% undersubscribed and the company's stock
plunged 26% on its first day of trading Monday. On Thursday, Time
dotCom stock closed at 2.17 ringgit, 34% below its 3.30 ringgit IPO
In a statement to the exchange Wednesday night, Kumpulan Wang Amanah
Pencen, or KWAP, a civil servants' pension fund, said it had acted as
a subunderwriter to acquire 273.9 million Time dotCom shares, or 10.8%
of the company's equity at the IPO price of 3.30 ringgit a share.
Because of Time dotCom's plummeting share price, KWAP's 904 million
ringgit investment was valued at just 594 million ringgit at the close
of trading Thursday -- a paper loss of about 310 million ringgit.
On Thursday, the government's Employees Provident Fund -- to which all
salaried Malaysians contribute -- disclosed that it had acquired 81.6
million Time dotCom shares, or a 3.22% stake in the company, through a
direct purchase of stock and conversion of debt to Time dotCom shares
at the IPO price. At the close of trading Thursday, the EPF's 269.3
million ringgit investment was valued at 177.1 million ringgit,
representing a 92 million ringgit loss on paper.
Separately, Malaysia's state-run debt-restructuring agency Pengurusan
Danaharta Nasional Bhd. said it also acted as a sub-underwriter for
the IPO, acquiring 80 million shares in Time dotCom, or 3.16% of the
company's equity. Danaharta said it didn't pay cash for the stake.
Instead the agency said it converted mainly unsecured debts owed to it
by Time dotCom's immediate parent company, Time Engineering Bhd., into
shares in Time dotCom valued at 3.30 ringgit each.
Many securities analysts and opposition politicians immediately
criticized the transactions. In particular, they complained that the
use of state-run pension funds to support Time dotCom's widely
criticized IPO will further tarnish Malaysia's reputation as a market
where the government is prone to bail out politically well-connected
companies. Time Engineering, Time dotCom's parent, is 46% owned by
conglomerate Renong, the former business arm of Prime Minister
Mahathir Mohamad's United Malays National Organization, or UMNO.
Renong's controlling shareholder is businessman Halim Saad, who once
managed UMNO's companies for UMNO treasurer and Finance Minister Daim
"It is clearly a gross mismanagement of public funds to invest some 6%
of (KWAP's funds) on a counter which all market analysts had declared
would nose dive after its public debut," said Lim Kit Siang, chairman
of the opposition Democratic Action Party. "There also needs to be a
full explanation as to the involvement of the EPF -- this highlights
the whole question of need for full accountability of how the EPF is
managed." According to Mr. Lim, KWAP had total assets of 15.13 billion
ringgit as of June 30, 2000.
State support for Time dotCom follows a string of perceived government
bailouts that have left investors here increasingly cynical and wary.
In December, the government announced it would buy back the assets of
two unprofitable light rail projects -- one owned by a company in the
Renong stable. It also purchased a 29% stake in ailing Malaysian
Airlines from businessman Tajudin Ramli, another former business
protege of Tun Daim.
Time dotCom's public offering was a key part of a debt workout by Time
Engineering, which owed about 4.5 billion ringgit to Malaysian
creditors before the IPO. Some analysts contend the government had
little choice but to ensure its success. "There's a lot of
determination at official levels to see the whole restructuring
through, whatever the cost. It's too important to the banking system
to let fail," says T.S. Pong, head of research at Jupiter Securities.
While Time dotCom's listing is a boon to Time Engineering creditors,
analysts criticized the deal as a substitute for meaningful
restructuring at the Renong group. "The management is still the same
bunch who got in trouble in the first place. Bringing in a bunch of
quasi-government shareholders and the same management is not really
restructuring," said a bank analyst at a European brokerage firm.
Many Malaysians are likely to react negatively to the news that their
pension funds have incurred huge paper losses on Time dotCom
investments. The DAP's Mr. Lim condemned the use of pension funds to
mop up the IPO's shortfall a "misapplication of public funds."
"With Danaharta, at least there's some excuse," Jupiter's Mr. Pong
said. "It's in charge of rehabilitating bad loans and if these guys
can't pay cash, at least they get some shares of marketable value. But
the pension fund has less of a case, especially at 3.30 (ringgit)."
An executive at Danaharta, an agency set up after Asia's 1997
financial crisis to manage the banking sector's bad loans, said
Thursday its Time dotCom share purchase is part of a debt-for-equity
swap that will allow Danaharta to recover 70% of the loans owed to it
by Time Engineering.
How Danaharta will dispose of the shares -- and recover cash -- isn't
clear, analysts say. Should the agency sell Time dotCom aggressively
it could further depress the stock price. Alternatively, Danaharta
could unload its holdings through a private sale to some investment
fund. If the agency holds the shares until its own debts come due, a
larger problem could loom. "Danaharta is one of the banking system's
biggest borrowers, because of the bonds it issued to buy bad debts
throughout 1998 to 2000," said one banking analyst. "We may have a
credit problem waiting to explode when those bonds start coming due in
Malaysian bankers said the sub-underwriting process removed the risk
of losses the underwriting banks would have incurred if Time dotCom
shares fell below the IPO price. Malaysian accounting standards
require that financial institutions, including banks, value their
equity holdings at current market prices, which means they must
disclose any paper losses on such holdings in their quarterly
financial statements. An analyst familiar with the IPO said the share
offering was 95% sub-underwritten, which means the banks will be left
with just 5% of the shares.
Commerce International Merchant Bankers Bhd. -- a unit of Malaysia's
second-largest banking group, state-controlled Bumiputra Commerce Bhd.
-- and Perwira Affin Merchant Bank Bhd., another state-controlled
bank, were the chief underwriters for the issue.
Source: The Business Times, Singapore
16th March 2001
Govt units now have 47% of Time dotCom
Combined stake includes EPF's 3.2%, Kumpulan Wang Amanah's 10.8%
By Eddie Toh in Kuala Lumpur
TWO Malaysian government agencies -- the Employees Provident Fund and
Kumpulan Wang Amanah Pencen -- have emerged as substantial
shareholders of Time dotCom, raising the government's stake well above
the threshold for a mandatory general offer.
EPF disclosed it now owns 3.22 per cent of Time dotCom, a subsidiary
of Time Engineering, following the dismal initial public offering
exercise that has created a public furore. Bernama last night quoted
EPF chairman Halim Ali as stressing that it did not buy the unwanted
shares in the IPO that was undersubscribed by 75 per cent last month.
Instead, it has converted part of Time Engineering's debts of RM500
million (S$232 million) to EPF into an equity stake in Time dotCom.
EPF also bought 2.85 million shares, or 0.11 per cent of Time dotCom,
in a restricted sale of the shares by Time Engineering in January.
While EPF's involvement is part of the debt-restructuring exercise,
another state fund, Kumpulan Wang Amanah Pencen, has mopped up the
bulk of the unwanted IPO shares.
On Wednesday night, the state pension fund disclosed that it had
bought 273.9 million Time dotCom shares, or 10.82 per cent, at the IPO
price of RM3.30 apiece. A source said KWAP, which was not a creditor of Time, paid RM903.7
million in cash. It is now sitting on a paper loss of almost RM310
A source said KWAP, which was not a creditor of Time, paid RM903.7 million in cash. It is now sitting on a paper loss of almost RM310 million.
Like EPF, bad debt recovery agency Pengurusan Danaharta Nasional has
converted its Time Engineering's debts into an equity stake of 3.16
per cent in Time dotCom.
The Malaysian government, through the three agencies and investment
arm Khazanah Nasional, now holds 47.18 per cent of Time dotCom. This
combined stake is well above the mandatory general offer level of 33
It has not indicated if it will seek a waiver from making a general
A general offer for the rest of Time dotCom will be expensive as the
offer price will have to be RM3.30 -- the highest price paid in the
last 12 months.
However, Time dotCom's share price has plummeted since its debut on
The counter closed at RM2.17 yesterday, wiping RM2.8 billion off the
company's capitalisation in less than one week.
The use of state funds to buy the overvalued shares has got opposition
politicians up in arms.
DAP chief Lim Kit Siang has lodged a police report, charging that
public funds "should not be tapped for the bailout of the Time dotCom
Malaysia opposition leader urges protests over firm's alleged bailout
KUALA LUMPUR, March 15 (AFP) - A Malaysian opposition leader Thursday called
for nationwide protests over claims that the national retirement fund has
been used to bail out a politically well-connected firm.
Lim Kit Siang, chairman of the Democratic Action Party, criticised
management of the Employees Provident Fund (EPF) for refusing to say whether
it has bought shares in telecoms firm Time dotCom at far above their market
He told AFP the party would lead peaceful protests at over 50 EPF offices
nationwide to "pressure the EPF to change its feudal attitude to one of
accountability in keeping with good corporate governance."
The 9.7 million contributors who want to "exert their rights to EPF's
management accountability are invited to come along to register their
concerns and protests," he said.
A schedule will be issued soon, he added.
On Monday the Sun newspaper reported that the EPF and other state-linked
funds were believed to have taken up the unsubscribed public portion of an
initial public offering (IPO) by Time dotCom.
Lim on Wednesday filed a complaint with police against the EPF for alleged
"criminal breach of trust and criminal misuse of public funds."
The EPF, a fund to which both workers and bosses must subscribe, has
declined to comment. The fund declared a dividend of six percent for last
year, its lowest for 25 years.
Time dotCom's IPO flopped in February with applications for only a quarter
of the 572 million shares which were offered at 3.30 ringgit (86 cents).
The IPO was fully underwritten despite analysts' opinions that the stock was
greatly overvalued. The major underwriter said recently that some shares
were sub-underwritten to unidentified parties.
Time dotCom made a dismal stock market debut on Monday. By the close
Wednesday it was at 2.27 ringgit, down 31 percent on its IPO price.
State employees' pension fund Kumpulan Wang Amanah Pencen (KWAP) has
admitted it bought a 10.82 percent stake in Time dotCom at 3.30 ringgit a
Pengurusan Danaharta Nasional Bhd, which is tasked with mopping up bad
loans, said Thursday it held a 3.16 percent stake in Time dotCom after
taking over Time Engineering's non-performing loans.
Time dotCom is a unit of Time Engineering, which in turn is 47 percent owned
by debt-laden but politically well-connected conglomerate Renong.
In a statement, Lim said EPF's management should be aware that they were
"servants of the 9.7 million EPF contributors and trustees of the 181
billion ringgit in EPF monies and not lords and masters of this hoard of
Lim also urged KWAP to explain why it used 904 million ringgit of its funds
to buy Time dotCom shares at 3.30. "KWAP was not established as a fund to bail out crony companies ..." he
"KWAP was not established as a fund to bail out crony companies ..." he said.
March 15 , 2001 22:20PM
EPF Didn't Buy Time DotCom Shares, Says Chairman
KUALA LUMPUR, March 15 (Bernama) -- The Employees Provident Fund (EPF) has
not taken up the unsubscribed portion of the initial public offering (IPO)
of Time dotCom Bhd, said its chairman Tan Sri Halim Ali.
In a statement released on Thursday, Halim cleared the air on certain media
reports which questioned the integrity of the EPF following its alleged
involvement in the purchase of unsubscribed Time dotCom shares which debuted
on the Kuala Lumpur Stock Exchange (KLSE) early this week.
According to Halim, the EPF currently held 81.6 million shares or 3.22
percent of the equity interests in Time dotCom via the investments made
prior to the listing of Time dotCom on March 12.